Enjin Analysis – Second flag in a row

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Tuesday starts with the analysis of the Enjin, which was previously mentioned on the 9th of April. That is a huge gap so let me show You what happened in the meantime. Obviously, first, I will show you what we wrote about this coin in that piece:

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„On the ENJ, there are currently two leading factors which are killing the optimism and are driving the potential buyers crazy…Current target is the horizontal support on the 0.085 (black). This should be just a pause. In my opinion we can go much lower and a breakout of that horizontal support will make that much easier.”

As you can see, we were strongly bearish on this crypto. Back in that day, the price was around 0.094 USD. Now we are on the 0.048 USD, so in the long-term, that was a great call. It was not so sweet in the mean-time though. Till the beginning of May, the price was going up and only from the 5th of May, the downswing had started. 0.085 USD support was easily broken on the 13th of June and that gave us a proper sell signal.

Currently, we are inside of the flag formation (orange lines). In theory, that should end up with a drop – the same as with the previous, red formation. As long as the price stays below the green area, the sentiment is negative and we should see new long-term lows.

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By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.